# KOIKE SANSO KOGYO CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第103期(2025/04/01－2026/03/31) (S100YKGK)
> Page: https://vizora.meequs.com/en/company/koike-sanso-kogyo
> Retrieved: 2026-09-30T21:46:11.224Z

## Company

Koike Sanso Kogyo, founded in 1936, is a company in Machine Tools listed on TSE Standard. It has 1,085 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOIKE SANSO KOGYO CO.,LTD. |
| Ticker | 6137 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6137.T) |
| Listing | TSE Standard |
| Head office | 東京都墨田区太平三丁目4番8号KOIKE Bld.7階 |
| Representative (per filing) | 代表取締役社長 小池 英夫 |
| Founded | Dec 1936 |
| Share capital | ¥4.03B |
| Employees (consolidated) | 1,085 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | koike-japan.com (https://koike-japan.com/) |
| Corporate number | 7011701002789 |
| EDINET | E00794 |
| Industries (Vizora) | Machine Tools, Chemicals |

> Profile source: annual securities report (S100YKGK, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.2 | 34 |
| Profitability | 60.3 | 34 |
| Cash conversion | 14.5 | 31 |
| Efficiency | 80.9 | 34 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 47% of Koike Sanso Kogyo's sales come from Cutting and Welding Solution, with High-pressure gas and Welding Supplies making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +0.7% from the prior year, operating profit -11.1%.

## Company structure

- Segment revenue mix: Cutting and Welding Solution 46.5%、High-pressure gas 35.6%、Welding Supplies 14.6%、Other 3.3%
- Revenue → net income: ¥55570000000 → ¥3722000000
- Net income → operating cash flow: ¥3722000000 → ¥4084000000（difference ¥362000000）
- Main uses of operating cash flow: CapEx ¥2238000000 / dividends ¥1096000000 / buybacks ¥0
- Change in cash: ¥-356000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥55.6B |  |
| Operating income | ¥4.84B | Margin 8.7% |
| Net income | ¥3.46B | Margin 6.2% |
| Free cash flow | ¥1.85B |  |
| Largest business | Cutting and Welding Solution | of segment revenue 46.5% |
| Employees (consolidated) | 1,085 |  |
| EPS | ¥123.97 |  |
| Book value per share | ¥1671.01 |  |
| Equity ratio | 59.3% |  |
| Shares outstanding | 22,614,000 |  |
| Treasury shares | 1,992,900 |  |
| Shareholders | 2,736 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 20.5% | Cash ÷ revenue 29.2% |
| Vs. industry median margin | +1.6 pp | Machine Tools |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 72% of positive segment profit
- FY2026, segment profit share differs by 25 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39247000000 | ¥55570000000 | +41.6% |
| Operating income | ¥1137000000 | ¥4842000000 | +325.9% |
| Operating margin | 2.9% | 8.7% | +5.8 pp |
| Employees | 1,067 people | 1,085 people | +1.7% |
| Cash and equivalents | ¥10571000000 | ¥16221000000 | +53.4% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 機械装置 → 機械装置 | 35.8% |
| 高圧ガス → 高圧ガス | 35.6% |
| 高圧ガス → 事業再編・廃止 | 5.8% |
| 溶接機材 → 溶接機材 | 14.6% |
| 溶接機材 → 事業再編・廃止 | 5.3% |
| その他 → その他 | 3.0% |
| 新設・再編 → 機械装置 | 10.7% |
| 新設・再編 → その他 | 0.3% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cutting and Welding Solution | 5 years | +13.0% | ¥25851000000 | 18.7% | 2 |
| High-pressure gas | 5 years | +4.0% | ¥19772000000 | 6.6% | 2 |
| Welding Supplies | 5 years | +0.7% | ¥8093000000 | 3.9% | 2 |
| Other | 5 years | +9.5% | ¥1853000000 | 15.7% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 55,570 | 100.0% | S100YKGK |
| Cost of revenue | 37,975 | 68.3% | S100YKGK |
| Gross profit | 17,595 | 31.7% | S100YKGK |
| SG&A | 12,753 | 22.9% | S100YKGK |
| Operating income | 4,842 | 8.7% | S100YKGK |
| Ordinary income | 5,357 | 9.6% | S100YKGK |
| Pretax income | 5,241 | 9.4% | S100YKGK |
| Income tax | 1,518 | 2.7% | S100YKGK |
| Net income | 3,722 | 6.7% | S100YKGK |
| Net income attributable to owners | 3,461 | 6.2% | S100YKGK |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 23 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 31.7% → Operating margin 8.7% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.7%; Core profit growth: -11.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -16.87×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 55,206 | 55,570 | 364 | +0.7% |
| Gross profit | 17,867 | 17,595 | -272 | -1.5% |
| Operating income | 5,448 | 4,842 | -606 | -11.1% |
| Net income attributable to owners | 3,633 | 3,461 | -172 | -4.7% |
| Operating cash flow | 3,667 | 4,084 | 417 | +11.4% |
| Free cash flow | 2,277 | 1,846 | -431 | -18.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 43,330 | 770 | 1.8% | 278 | 3,687 | 1,818 | S100LPZL |
| FY ending Mar 2021 | 39,247 | 1,137 | 2.9% | -61 | 3,144 | 1,565 | S100OJ3S |
| FY ending Mar 2022 | 41,834 | 1,690 | 4.0% | 995 | 3,784 | 2,865 | S100R7M1 |
| FY ending Mar 2023 | 47,871 | 3,292 | 6.9% | 2,065 | 5,644 | 4,505 | S100TT7J |
| FY ending Mar 2024 | 51,387 | 4,314 | 8.4% | 3,056 | 4,266 | 2,889 | S100W3B1 |
| FY ending Mar 2025 | 55,206 | 5,448 | 9.9% | 3,633 | 3,667 | 2,277 | S100YKGK |
| FY ending Mar 2026 | 55,570 | 4,842 | 8.7% | 3,461 | 4,084 | 1,846 | S100YKGK |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.2M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥3.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,034 | 1,029 | 1,034 | 1,064 | 1,085 |
| Average salary (parent company) | ¥5.6M | ¥5.9M | ¥6.3M | ¥6.7M | ¥6.4M |
| Average age (parent company) | 42.0 years | 41.9 years | 42.3 years | 41.5 years | 40.3 years |
| Average tenure (parent company) | 15.4 years | 15.4 years | 15.6 years | 15.2 years | 13.8 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) +0.7%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cutting and Welding Solution | 25,851 | 46.5% | 4,833 | 18.7% |
| High-pressure gas | 19,772 | 35.6% | 1,309 | 6.6% |
| Welding Supplies | 8,093 | 14.6% | 315 | 3.9% |
| Other | 1,853 | 3.3% | 291 | 15.7% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Cutting and Welding Solution | 46.5% | 71.6% | 25.1 | 18.7% |
| High-pressure gas | 35.6% | 19.4% | -16.2 | 6.6% |
| Welding Supplies | 14.6% | 4.7% | -9.9 | 3.9% |
| Other | 3.3% | 4.3% | 1.0 | 15.7% |

Segment → industry: Welding Supplies → Machine Tools / Cutting and Welding Solution → Machine Tools / High-pressure gas → Chemicals

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,084 | 7.3% | S100YKGK |
| Capital expenditure | 2,238 | 4.0% | S100YKGK |
| Free cash flow | 1,846 | 3.3% | 算出 |
| Investing cash flow | -2,174 | -3.9% | S100YKGK |
| Financing cash flow | -2,291 | -4.1% | S100YKGK |
| Dividends paid | 1,096 | 2.0% | S100YKGK |
| Share buyback | 0 | 0.0% | S100YKGK |
| Change in cash | -356 | -0.6% | S100YKGK |
| Cash and equivalents | 16,221 | 29.2% | S100YKGK |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,297 | 14,573 | 16,190 | 16,493 | 16,221 | S100TT7J, S100W3B1, S100YKGK |
| Total assets | 59,935 | 64,934 | 73,476 | 74,735 | 79,112 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |
| Net assets | 33,693 | 36,079 | 42,384 | 45,571 | 50,079 | S100TT7J, S100W3B1, S100YKGK |
| Share capital | 4,028 | 4,028 | 4,028 | 4,028 | 4,028 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |
| Trade receivables | 10,317 | 10,063 | 9,743 | 10,524 | 10,368 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |
| Property, plant and equipment | 13,047 | 12,657 | 12,946 | 13,547 | 14,644 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |
| Intangible assets excluding goodwill | 306 | 512 | 681 | 735 | 606 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |
| Goodwill | 23 | 16 | 8 | 1 | 2 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |
| Investment securities | 5,258 | 6,499 | 10,573 | 11,019 | 13,690 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |
| Current assets | 33,613 | 37,563 | 41,247 | 41,686 | 41,614 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |
| Current liabilities | 20,088 | 23,274 | 24,241 | 22,565 | 21,285 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |
| Trade payables | 6,176 | 6,717 | 6,439 | 6,336 | 6,770 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |
| Short-term borrowings | 4,432 | 4,894 | 4,840 | 5,037 | 5,221 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |
| Long-term borrowings | 1,721 | 1,267 | 816 | 548 | 365 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |
| Total liabilities | 26,241 | 28,855 | 31,092 | 29,163 | 29,032 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |
| Non-controlling interests | 2,907 | 2,866 | 3,037 | 3,014 | 3,141 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |
| Equity attributable to owners of parent | 26,394 | 27,931 | 30,487 | 33,396 | 35,803 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |
| Retained earnings | 20,847 | 22,661 | 25,165 | 27,956 | 30,326 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |
| Treasury stock | -814 | -760 | -722 | -694 | -678 | S100R7M1, S100TT7J, S100W3B1, S100YKGK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YKGK |
| Receivables | 13% | S100YKGK |
| Property, plant and equipment | 19% | S100YKGK |
| Intangibles and goodwill | 1% | S100YKGK |
| Investment securities | 17% | S100YKGK |
| Other assets | 30% | S100YKGK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YKGK |
| Other liabilities | 28% | S100YKGK |
| Equity | 63% | S100YKGK |
| Other liabilities | 0% | S100YKGK |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 59,935 | 64,934 | 73,476 | 74,735 | 79,112 |
| Equity | 33,693 | 36,079 | 42,384 | 45,571 | 50,079 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,297 | 14,573 | 16,190 | 16,493 | 16,221 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 26.4% | S100YKGK |
| Fixed assets ÷ total assets | 18.5% | S100YKGK |
| Goodwill ÷ parent equity | 0.0% | S100YKGK |

Goodwill over 4 years: 23 → 2 JPY; total investing cash flow: -7,486 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 20.5% |
| Cash ÷ revenue | 29.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.3% |
| Cash vs. profit gap | 623 JPY mn (of net income 18.0%) |
| Shareholder returns / net income | 31.7% |
| Shareholder returns / FCF | 59.4% |
| Shareholder payments — dividends / net income | 31.7% |
| Shareholder payments — dividends / FCF | 59.4% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 53.2% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.4% | 0.70× | 1.7% | 2.27× | 3.8% | S100R7M1 |
| 2023 | 4.3% | 0.77× | 3.3% | 2.30× | 7.6% | S100TT7J |
| 2024 | 5.9% | 0.74× | 4.4% | 2.37× | 10.5% | S100W3B1 |
| 2025 | 6.6% | 0.74× | 4.9% | 2.32× | 11.4% | S100YKGK |
| 2026 | 6.2% | 0.72× | 4.5% | 2.22× | 10.0% | S100YKGK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小池酸素工業取引先持株会 | Major shareholder | 9.2% | 2026-03-31 |
| 小池商事株式会社 | Major shareholder | 6.4% | 2026-03-31 |
| 日本酸素ホールディングス株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社千葉銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社きらぼし銀行 | Major shareholder | 3.6% | 2026-03-31 |
| あいおいニッセイ同和損害 保険株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社常陽銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 小池化学株式会社 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YKGK | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKGK,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W3B1 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3B1,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TT7J | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT7J,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R7M1 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7M1,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OJ3S | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ3S,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LPZL | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPZL,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).